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The other day I received a call from a friend who wanted to know the best way to purchase a Non-Fungible Token (NFT). NFTs are one of the trendiest current investment themes. They are essentially a unit of data on blockchain that represents a unique digital item, such as digital art, audio and video files.
While it was a bit strange to receive a question about such an opaque area of the market from my friend, a social worker at an elementary school, I wasn’t overly surprised. The week before, an 80-year-old grandmother told me that she made a mint in Bitcoin, and my Uber driver told me he was considering an investment in a Special Purpose Acquisition Company (SPAC). These comments, along with the fact that every other person seems to be day trading to supplement their income, illustrate clear frothiness in the market.